27 November 2018 – interim results
Results for the six months ended 30 September have been released. Revenue was up 9% to £149.1m (2017: £137.1m) and underlying profit before tax was up 2% to £13.1m versus a particularly strong profit of £12.9m, which included higher than normal profits from certain project completions. This allowed the interim dividend to be increased by 11% to 1.0p per share (2017: 0.9p). Period end net funds were £25.3m (31 March 2018: £33.0m) after the payment of 2018 final and special dividends, which came to £10.3m. These are solid results and we rate the shares as a BUY at this level.